Partnership Share Discussion Threads

[18bt] 01/4/2015 15:18

Suspect there has been some CGT-based employee sales in the past few days - hopefully now done before end of tax year. Quite a few £20-30k sales.

[18bt] 27/3/2015 15:55

£23m bulk annuity transaction in Professional Pensions mag. Not RNSd.

[18bt] 20/3/2015 15:18

Accounts out and worth a read in reaffirming the strategy.

[scrapheap] 12/3/2015 09:28

As I said, wrong response to news has been quickly turned around. if anything it's an opportunity for these specialist firms...

"Partnership chief executive Steve Groves says his firm would be interested in buying annuities if the regulatory treatment was favourable."

[scrapheap] 05/3/2015 10:43

Can't read the article but Investors Chronicle is tipping this as a 'buy'

[scrapheap] 03/3/2015 19:45

Well said - just a let down after my expectations were raised with the bullishness of his interviews.

[topvest] 03/3/2015 18:16

Well I'm happy to hold. In 6 months time things might be much more positive. Lets face it they are at least still turning a decent profit after such a radical downturn in their business. Annuities are here to stay and the defined benefit pension business looks to have good prospects. A long term view needs to be taken. Not sure about the related party borrowings or the coupon though, but its probably quite tax efficient.

[scrapheap] 03/3/2015 17:07

Poor poor show today from Mr Groves after the puff pieces previously mentioned pre-results. Will watch the analyst presentation on their website when I have time. One small crumb is the upgrate in target price from Panmures to 175p from 152p today but they are the only 'buy' out there still.

Will others raise theirs, many of which are far below current levels and are neutral/hold .... there is room for those to change, but will they off these numbers...?

[rathkum] 03/3/2015 09:34

A weak statement indeed and a question mark over its outlook going forward. Short of some corporate action this could drift back to the 130p-140p range.

[scrapheap] 03/3/2015 08:25

Starting to look like a turkey today.

Contrast to the JRG results and market reaction.

What I also don't like is the bullish articles linked to above from our man seems rather different to the text in this report.

Big let down.

[scrapheap] 03/3/2015 07:42

9.5% coupon... ouch.

overall these look ok but not overly exciting to my reading and indeed cautious really - not sure what might have caused a run up for these - or am i missing something more positive?

[scrapheap] 02/3/2015 10:43

There is something positive expected tomorrow by the looks of this pre results run up! it can't only be based on JRG's results...

[scrapheap] 27/2/2015 18:22

Here's a full article on Groves - he'd better be as upbeat in the results and update on Tuesday!

[scrapheap] 26/2/2015 10:26

Was just going to post that link too!!! Groves v v bullish on there.

[18bt] 26/2/2015 09:53

Interesting and balanced article:Rising from the ashes: Will annuities recover from Osborne's Budget bombshell?

[scrapheap] 24/2/2015 16:48

No pressure PA. but you need to match JRG's resilience when reporting next week!

[topvest] 16/1/2015 20:54

Well I'm happy that they aren't raising debt at the moment. Best wait a year, at which point the business will be looking much better. Patience needed.

[scrapheap] 16/1/2015 08:44

Given Mr Groves comments on the sub-optimal capital structure, it's all the more clumsy to now not be proceeding.

the implication is the investors wanted too high a coupon for the risk they felt they'd be taking.

at best this is a PR own-goal.... at worst, this could unsettle confidence in the business.

Hey ho.... soon be April and unlike Mr Rodger, I disagree with his judgement. Value protection on annuities is likely to increase and more business will be written than in the current 'hiatus' year. This growth should help PA and JRG as year on year numbers start working in their favour.

The risk of these reforms however may be some advisers putting people in to drawdown as you can charge ongoing fees for those which you don't on annuities.... throw in the investment charts over the last 5 years looking so 'rosy' and there's a risk of mis-selling in my opinion.

[rathkum] 14/1/2015 20:40

By Dave Baxter | Published 10:38
Partnership boss defends debt consideration


More on Insurance



Partnership Assurance Group’s chief executive has dismissed the idea that his company is considering debt because the approaching pension reforms have battered its share price.

Having specialised in annuities, Partnership is among the companies that could be hardest hit by the pension rules coming into force in April.

On 19 March 2014, the day George Osborne unveiled his pension reforms, Partnership shares fell more than 50 per cent, opening at £3.19 but closing at £1.43.

But Mr Groves said Partnership was probably the only listed life insurance company with no debt, and that it was not the “optimal structure” to be entirely funded by equity.

His comments followed the announcement that Partnership had hired Bank of America Merrill Lynch and Royal Bank of Scotland to arrange a series of fixed-income investor meetings to assess a sterling-denominated subordinated debt transaction issued by Partnership.

On 7 January 2015, the day of the announcement, Partnership shares opened at £133.75 but closed at £132.50.

Mr Groves said the company was looking to raise capital for ongoing projects, including expansion in the US.

Adviser view

Colin Rodger, managing director of Glasgow-based Alexander Sloan Financial Planning, said: “There has been quite a downturn in the annuity business, and I do not really see that changing in the forseeable future.”

[scrapheap] 13/1/2015 16:14

Cool - not seen that. Thanks!

[scrapheap] 02/1/2015 09:02

Exactly.... 3 more months of iffy trading and then I expect a lot of business to be written.

I'm also told to expect soon new product(s) from PA. being launched.